Tax evasion should be punishable by mandatory jail sentences, the Fine Gael deputy leader Mr Jim Mitchell has said. Mr Mitchell also said the Revenue Commissioners should pursue a more energetic prosecution policy.
He was speaking after it was revealed that with just one month to go to the deadline for voluntary disclosure of bogus non-resident accounts, only £10 million (€12.7 million) of an estimated £700 million owed has been collected.
Mr Mitchell said the time for talking was now over. Fine Gael, he said, had long advocated a more energetic prosecution policy by the Revenue.
"The problem is that prosecution is not a decision of the Revenue Commissioners but the Director of Public Prosecutions. This fact completely undermines any threats from the chairman of the Revenue Commissioners.
"Now is the time to show the political will to tackle tax evasion once and for all."
Revenue Commissioner chairman Mr Dermot Quigley said in a statement on the amnesty that those "foolish enough" not to disclose and pay by November 15th would face "no benefits, no excuse and no escape".
People subsequently identified face interest and penalties up to 300 per cent of the amount outstanding." These people will be identified and full sanctions will be applied. Even where monetary settlements are agreed, the interest and penalties will amount to 300 per cent or more of the tax. Even if the account was closed many years ago, the holder would be identified by Revenue, he said.
Mr Quigley said he regarded the £10 million-plus already paid to date by bogus account holders as a good start. The Revenue is expecting a last-minute rush in the run up to the deadline. He was not surprised by the low level of payment so far.
"We don't have a history in this country of people paying well in advance of the date", he said on RT╔ radio yesterday.
The offer is aimed at those who have used bogus non-resident accounts to hide "hot money" since 1986. The Revenue Commissioners have had "very useful" discussions with the Irish Bankers' Federation and the Irish Mortgage and Savings Association about the High Court orders it would be seeking to obtain information on no-resident accounts immediately after the deadline.
